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Code · Kentucky · Kentucky Revised Statutes

367.46981 Bond required for telemarketing companies -- Notification to Attorney

369 words·~2 min read·/ky/367-46981

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

General of promotion offering premium.
(1)Every telemarketing company shall maintain a bond issued by a surety company
admitted to do business in this state. The bond shall be in the amount of fifty
thousand dollars ($50,000) in favor of the Attorney General for the benefit of any
person suffering injury or loss by reason of any violation of KRS 367.46951 to
367.46999 to be paid under the terms of any order of a court of competent
jurisdiction obtained by the Attorney General, as a result of any violation of KRS
367.46951 to 367.46999. A copy of the bond shall be filed with the office.
(2)At least ten
(10)days prior to the inception of any promotion offering a premium
with an actual market value or advertised value of five hundred dollars ($500) or
more, the telemarketing company shall notify the Attorney General in writing of the
details of the promotion, describing the premium and its current market value, the
value at which it is advertised or held out to the customer, the date the premium
shall be awarded, and the conditions under which the award shall be made. The
telemarketing company shall maintain an additional bond for the greater of the
current total market value or the advertised value of the premiums held out or
advertised to be available to a purchaser or recipient. A copy of the bond shall be
filed with the office. The bond, or a portion of it necessary to cover the cost of the
award, shall be forfeited if the premium is not awarded to a bona fide customer
within thirty
(30)days of the date disclosed as the time of award or the time
otherwise required by law. The proceeds of the bond shall be paid to any person
suffering injury or loss by reason of any violation of KRS 367.46951 to 367.46999
or shall be paid pursuant to the terms of any order of a court of competent
jurisdiction obtained by the Attorney General, Commonwealth's attorney, or county
attorney as a result of any violation of KRS 367.46951 to 367.46999. The bond
shall be maintained until the telemarketing company files with the Attorney General
proof that the premium was awarded.
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